Quote:
Originally Posted by vintageogauge
I don't know how long you have had your current mortgage but if you re-finance you'll be starting all over paying mostly interest and very little on your principal.
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This is not correct if you refinance the remaining term. In other words, if you have 15 years to go on your current loan, refinance for 15 years and you will immediately be paying more to principal and less to interest.
Any lender who delivers to Fannie Mae can refinance any term. It doesn't have to be a traditional 15 or 30-year debt. It can be any number of years you can qualify for.
As to closing costs, if you save $300 a month and pay $5,000 in closing costs, you will break even after 17 months then be ahead from that point forward.